Former UBS trader Kweku Adoboli will not enter a plea for at least a month on the alleged rogue trading case that led to the bank losing £1.3. billion, a London court heard yesterday.
Adoboli appeared at Southwark Crown Court yesterday, when he was expected to enter a plea.
He has already apologised for his “disastrous miscalculations”, but has not indicated whether he will plead guilty or not guilty to the charges of false accounting between October 2008 and September 2011, and fraud in the three months to September this year.
Adoboli’s next court appearance has been set for 20 December.
UBS has admitted that certain internal controls were not in place at the time that Adoboli allegedly ran up a $2 billion (£1.3 billion) loss on the bank’s derivatives desk.
It followed a memo that interim chief executive Sergio Ermotti sent to employees saying that the bank was aware that its IT systems did detect the rogue activity but that “this was not sufficiently investigated nor was appropriate action taken to ensure existing controls were enforced”.